Business
Issue of Shares to TechMet
Issue of Shares to TechMet.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 9822S\n Rainbow Rare Earths Limited\n 19 November 2021\n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n Rainbow Rare Earths Limited \n \n \n (\"Rainbow\" or the \"Company\")\n \n \n (LSE: RBW)\n \n \n 19 November 2021\n \n \n \n \n \n Issue of conditional 10 million new Ordinary Shares at 15p per share from October 2021 placing\n \n \n Rainbow is pleased to announce that, further to the placing announcement dated 13 October 2021 and the results of the Annual General Meeting (\"AGM\") announced 18 November 2021, the 10 million new ordinary shares of no par value each in the Company (\"Ordinary Shares\") conditionally placed with TechMet Limited in the October 2021 placing have now been issued (the \"Conditional Shares\")\n .\n \n \n TechMet Limited, \n a private industrial company that is building strategic positions in world-class projects across the technology metals supply chain and counts the U.S. International Development Finance Corporation (an agency of the U.S. government that invests in overseas development projects) as a major investor,\n subscribed for 15 million new Ordinary Shares in the placing announced on 13 October 2021. The initial 5 million new Ordinary Shares were admitted to trading in October 2021, with a further 10 million new Ordinary Shares to be admitted to trading subject to shareholder approval. Such approval was received at the Company's AGM held on 17 November 2021.\n \n \n George Bennett, Chief Executive Officer of Rainbow, said:\n \n \n \"We are very encouraged by the strong support we received at our recent fundraising and are pleased to issue the final 10 million Conditional Shares from that placing now that shareholder approval has been obtained. With its stringent investment criteria and its goal to secure the critical metals for the global technology revolution, we welcome the substantial investment by TechMet, which counts the U.S. government as a major investor.\n \n \n We believe that demand for rare earths required in permanent magnets is poised for continued strong growth, as evidenced by the 85% increase in the price of both Neodymium and Praseodymium oxide between November 2020 and September 2021. With our diversified asset portfolio, which includes the exciting near-term growth opportunity presented by the Phalaborwa Project in So...